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People might consolidate their credit cards under debt consolidation. Finance

What Is Debt Consolidation?

Debt consolidation is a debt reduction system that allows consumers to combine their assorted unsecured debts into one payment. If...

By
D Frank
A W-2 wage and tax statement is issued by an employer and states how much an employee was paid in a year. Finance

What is Income Tax?

Income tax is tax paid on individual earnings from salaries and investments. Though income tax is mostly progressive, some wealthy...

By
Michael Pollick

Editors' Picks

A credit card. Finance

What is a Credit Card?

A credit card is a plastic card that authorizes the holder to make purchases on credit up to a specific amount. Most credit cards...

By
Michael Pollick
Interest income earned by a taxpayer is reported on a Form 1099-INT. Finance

What is a 1099 Form?

A 1099 is a tax form for independent contractors that shows how much they made from a certain business. Unlike a W-2, a 1099 form...

By
D Frank
Life insurance pays an amount to beneficiaries upon the insured's death. Finance

What is Life Insurance?

Life insurance provides monetary proceeds to beneficiaries upon the death of the insured person. When choosing a life insurance...

By
D Frank
Switzerland is generally considered a tax haven. Finance

What is a Tax Haven?

A tax haven is a legal jurisdiction where the rate of taxation is lower than in the surrounding areas. Generally speaking, tax...

By
Damir Wallener

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The gold standard links the value of paper money directly to the value of gold. Finance

What is the Gold Standard?

The gold standard is a monetary system in which the money in circulation has value linked directly to a store of gold. Though the...

By
Damir Wallener
Married couples with dual incomes may open an account together for household expenses. Finance

What is a Joint Account?

A joint account is a bank account shared by two or more individuals. Though a joint account has its risks, it can be the best...

By
Michael Pollick
Credit card companies evaluate an individual's credit report when deciding whether to issue a card. Finance

What are Credit Reports?

Credit reports are reports containing information about a person's background and credit history. To get access to credit reports...

By
D Frank
Tax attorneys may help tax payers through an audit. Finance

What is a Tax Attorney?

A tax attorney specializes in tax law, and works with taxpayers to solve problems with revenue agencies. Tax attorneys must...

By
A Kaminsky

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